KARACHI (September 27 2003): Attock Cement Pakistan Ltd profit in the year ended June 30, 2003, rose by 38 percent compared with a year before because of cut in financial costs.
The Board of Directors of Attock Cement Pakistan Ltd in its 51st meeting consider the audited accounts for the year 2002-03 and announced that the company has earned a net profit of Rs 132.1 million, up from Rs 95.9 million, showing an increase of 37.7 percent.
Based on the performance of the company, the board recommended cash dividend of 10 percent or Re 1 per share for the shareholders.
The board also reviewed the progress on coal project and expressed satisfaction that the project is progressing as per schedule.
An analyst said that the main reason behind surge in profit was the cut in financing cost which was reduced after falling interest rates.
Several companies are borrowing cheaper funds and restructuring their loans on which they were paying higher interest rates and incurring huge financial losses.
The company share price at the time of listing at Karachi Stock Exchange on June 28, 2002, was at Rs 11.50 per share.
Since then it recorded tremendous growth. Last month it was at Rs 38.50 per share.
Following is the company's full-year statement (in millions of rupees).
========================================================== 2002-03 2001-02 Change (%) ========================================================== Sales 1,443 1,370 5 Cost of goods sold 1,188 1,108 7 General and Administrative expenses 63 60 5 Selling and distribution Expenses 17 13 31 Financial charges 8 23 -65 Profit before tax 196 189 4 Profit after tax 132 96 38 ==========================================================